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Bitcoin Plunges Below $56K as Stocks Sell Off in Weak U.S. Trading
Crypto markets have made a habit over the past few weeks of declining as U.S. traditional markets open, underscoring a general risk-off sentiment among American investors.
Updated Sep 11, 2024, 3:22 p.m. Published Sep 11, 2024, 3:14 p.m.
Cryptocurrencies sold off once again early in the U.S. trading session on Wednesday with bitcoin diving below $56,000.
BTC climbed during the Asian and European trading hours from a low of $56,000 after last night's U.S. presidential debate between Kamala Harris and Donald Trump, briefly topping $57,000 following the U.S. CPI inflation report. The price quickly tumbled to $55,600 in little more than an hour following the opening of U.S. stock markets. Bitcoin has bounced a bit since, but remains lower by 2% over the past 24 hours.
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The broad-market crypto benchmark CoinDesk 20 Index also fell over 2% during the same period, with altcoin majors solana , avalanche , and artificial intelligence-focused tokens near and render sliding 4%-7%.
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It's been a trend for weeks now that bitcoin and other digital assets declining around the traditional U.S. market opening, pointing to a general risk-off sentiment among American investors.
Indeed, U.S. stocks started the day weak, with the S&P 500 and the tech-focused Nasdaq 100 1.6% and 1.3% lower, respectively, at 11 a.m. ET.
Perhaps contributing to negative action was a renewed rise overnight in the value of the Japanese yen. At 141 to the U.S. dollar, the yen today now stands higher than it was in early August, when its sharp rise forced a quick reversal of yen-carry trades, apparently a major cause of a panicky mini-crash in traditional and crypto markets.
Read more: Bitcoin Slides, Yen Gains as Trump-Harris Debate Disappoints Markets
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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